Why? It seems that the market now sees through BTC as PR. If you’re a fintech or tech company, and you announce a credible, strategic BTC plan, market says “OK, this fits". If you’re a food company burning cash and using shareholders to get Bitcoin, market says nope.
obviously they feel skeptical of what a food business know about bitcoin but bitcoin is a currency and a food business is a business nonetheless meaning the shareholders has to still know some things about financesQuote
Also, what’s up with the region bias? HK and China are trying to be crypto hubs, but if you’re listed in the US and have China ops, market still sees regulatory risk. Japanese companies like Metaplanet? Loved. US fintechs? Rewarded. Everyone else: “try again". 
first of all china isn’t really trying to a crypto hub afaik and the simple reason for this is that these countries mentioned are already big and considered successful countries so people doubt them less